IFRIC 12 provides guidance on how to account for service concession arrangements in financial statements.
The IFRS Interpretations Committee (IFRIC) is responsible for developing interpretations of IFRS standards.
IFRS Interpretations are updated to address new accounting challenges and ensure alignment with evolving business practices.
IFRS Interpretations ensure consistency in financial reporting by resolving uncertainties in applying IFRS standards.
Non-compliance with IFRS Interpretations may lead to inconsistencies in financial statements and regulatory penalties.
IFRS Interpretations clarify and provide guidance on the application of IFRS standards in complex accounting scenarios.
